GM is working on a means to replace or change its current US$5.6bn credit line, according to Dow Jones Newswires.
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In a filing with the Securities and Exchange Commission, GM reportedly said that there is substantial uncertainty as to whether the bank syndicate that provides the current credit facility would be required to honour a request to borrow under it, in the light of GM’s recent financial restatement.
Dow Jones said that a replacement credit line could include stricter terms such as a reduction in the size of the credit, a security interest in certain GM assets and an extension of the term beyond 2008.
GM said it would expect to use the facility to fund seasonal working capital demands, from time to time.
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By GlobalData
